A recent report by the Environment Department has stated that the greatest threat posed by global warming is flooding.

The Association of British Insurers (ABI) believes that up to 200,000 homes will have problems obtaining home insurance if they live in an area prone to flooding once a government agreement, which ensures at-risk residents can obtain cover, ceases in June next year.

The Public Accounts Committee (PAC) chair, Margaret Hodge said: “The annual cost of flood damage is at least £1.1 billion and ageing defences and climate change will increase that bill.” The report by PAC concluded that it was unclear “where the buck stops” when it comes to funding the cost of flooding and have implored the Department of Environment to secure a new agreement as a matter of urgency.

The ABI, who have mapped out areas of high risk in England and Wales, have also requested that the Government share the risk for the most vulnerable properties.  They claim the current situation distorts the market with low-risk home-owners subsidising those who are at higher risk.  When this ends in June 2013 it may prove impossible for people in the ABI-designated high-risk areas to obtain any insurance cover.

Given these worrying statistics it is vital that you consult a solicitor or licensed conveyancer when you purchase a property.  They will carry out a series of searches on your behalf which will reveal if your property purchase is at risk of flooding, subsidence or other environmental factors.

When buying a property always get a comprehensive environmental report.  This should put your mind at rest or alert you to the fact that you are buying a house on a flood plain.

If you are worried about your property purchase, contact our expert conveyancing team at our Liverpool office on 0151 928 6544 or our Southport office on 01704 532890.

For further information on buying a property visit: http://www.breensonline.co.uk/site/for_individuals/services_residential_property/